North Carolina Down Payment Assistance Systems
Payments Gateway - These programs are the deposit Assistance System along with the Mortgage Credit Certificate.
If you meet the requirements for one of these plans and you also buy a home between January 1, 2009 and December 1, 2009, you might also qualify for the $8,000 tax credit just enacted into law in the Federal Economic Stimulus Plan.
First, who is a first-time Home Buyer? There is a First Time Home Buyer someone who hasn't owned a house in the past three years. It is the exact same qualifying definition.
A Mortgage Credit Certificate (MCC) is a national tax credit to help home buyers with average and low incomes. An MCC “reduces your tax liability depending on a percentage of the mortgage interest that you pay.
In case you are eligible for the MCC, you are able to claim 20% of the interest you pay as a credit on your own federal income taxes on your own mortgage. You are able to save up to .
You may have the ability to combine this with the $8,000 tax credit, should you qualify for 2009. This could reduce the tax liability of a buyer's .
Who Qualifies for an MCC?
Who qualifies for an MCC is based on the price of the house and your income you're buying. Household income means the “gross income of the mortgagor and every other person anticipated to live in the home who's 18 years of age or older.”
The income and house price limitations that apply in Durham, Orange and Chatham Counties are listed below.
MCC Income Limitations 1 Man $61,500 2 Individuals $61,500 3 Men $70,500 4 Persons $70,500
MCC Sales Cost Limits New Dwelling $220,000 Existing Residence $210,000
Who Qualifies for Down Payment Assistance?
The buyer just has to pay and the load would pay as much as $8,000 of the remaining balance.
This program has more stringent income limits than the MCC program summarized above. Like the MCC program, it may be used in conjunction with the new $8,000 tax credit on house purchases between January 1, 2009 and December 1, 2009. The down payment assistance, nonetheless, can't be applied along with the MCC. This really is an either or situation.
The income and house price limitations that apply in Durham, Orange and Chatham Counties are given below.
Down Payment Assistance Income Limits
1 Man $39,950 2 Men $45,650 3 Persons $51,350 4 Persons $57,050
Down Payment Support Sales Price Limits New Home $210,000 Existing Dwelling $210,000